Billionaire Elon Musk has been found not liable in a case brought by angry shareholders, over a tweet about taking Tesla private.
Elon Musk found not liable over Tesla tweets
A US jury has found Tesla CEO Elon Musk not liable in a securities fraud case over a tweet that he had lined up funding to take the electric car company private.
Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who has aggressively fought any charges that he was guilty and defended his ability to tweet broadly.
A nine-person jury began deliberations in San Francisco federal court on Friday on whether Musk’s tweets artificially inflated Tesla’s share price by playing up the likelihood of a buyout, and if so by how much.
Unhappy shareholders accused the Tesla chief executive officer of misleading them on August 7, 2018, by tweeting that he was considering taking the electric car maker private at $420 per share and had “funding secured.”